Evolution of complementing technologies, such as Big Data and Artificial Intelligence drives the demand for an IoT in the healthcare market
The global Internet of Things (IoT) in healthcare market size is anticipated to reach over USD 169 billion by 2025. This is attributed to the rising focus on active patient-centric care and patient engagement, rise in high-speed technologies for Internet of Things (IoT) connectivity, rising need for implementing cost-control actions within the healthcare sector.
Additionally, the growing adoption of wearable technology, the emergence of connected cars, as well as investments for deploying digital technologies is the main factors driving the growth of the Internet of Things (IoT) in the healthcare industry. Increasing geriatric population, technological advancements, along with growing dominance of chronic conditions are substantially impacting the market growth.
Additionally, the growing need to provide better consumer experience and increase in need to get insights on customer preferences & choices are also some of the essential factors boosting the adoption of the Internet of Things (IoT) in healthcare solutions. However, initial setup cost and legacy healthcare systems are hampering the market growth. Furthermore, the advent of cloud-based analytics is expected to provide growth opportunities for the IoT in the healthcare market in the forthcoming years.
Based on the component segment, the market is bifurcated into three sub-segments that are medical devices, systems & software, and services. In 2019, the medical device segment gathered the highest market revenue and it is anticipated to govern the IoT in the healthcare market throughout the forecast period. The large scale implementation of medical devices owing to the increasing need for efficient and cost-effective solutions for enabling healthcare services has propelled the industry growth in the last few years. Additionally, IoT-enabled medical devices possess an essential role in tracking and gathering numerous information, thus, leading to the advancement of different Internet of Things (IoT) in healthcare use cases.
The report also throws light on various aspects of the global IoT in healthcare by assessing the market using value chain analysis. The report covers several qualitative aspects of the IoT in the healthcare industry in market drivers, market restraints and key industry trends. Furthermore, the report provides an in-depth assessment of the market competition with company profiles of global as well as local vendors.
The global IoT in the healthcare market has strong competition among the well-established and new emerging players. These market players target to gain a competitive advantage over the other players by participating in partnerships, mergers, and acquisitions and expanding their businesses.
Based on the application, the market is classified into telemedicine, clinical operations, medication management, connected imaging, inpatient monitoring, and others. The market for inpatient monitoring is anticipated to witness a staggering growth over the forecast period.
Asia-Pacific region is expected to hold the highest CAGR during the forecast period 2020–2025. The growth of this region is mainly attributed to the major technological shifts, especially those heralded by the Internet of Things (IoT) that are probably to shape the future. Moreover, North America dominated the IoT in the healthcare market during the forecast period due to the presence of major market players and the availability of sophisticated healthcare infrastructures in the region.
The major players of the global IoT in the healthcare market are Agamatrix, Capsule Technologies, Cisco Systems, GE Healthcare, IBM Corporation, KORE Wireless, Medtronic, Microsoft Corporation, OSP Labs, Resideo Technologies, Royal Philips, and more. The IoT in the healthcare market is fragmented with the existence of well-known global and domestic players across the globe. Also, recognized companies are coming up with innovative and new IoT in healthcare technologies and solutions.
Segment Overview of Global Internet of Things (IoT) in the Healthcare Market
Component Overview, 2018-2025 (USD Billion)
- Medical devices
- Wearable External Devices
- Implanted Medical Devices
- Stationary Medical Devices
- System and software
- Remote Device Management
- Network Bandwidth Management
- Data Analytics
- Application Security
- Network Security
- System Integration Services
- Consulting, Training, and Education
- Support and Maintenance Services
Application Overview, 2018-2025 (USD Billion)
- Medication Management
- Clinical Operations
- Inpatient Monitoring
- Connected Imaging
Regional Overview, 2018-2025 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America